Corporate Accounting and Reporting

Part A: 1000 word short essay about the following:

Disclosure of an impairment loss.

Part B:                                                                                                                                  

Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:

Account          Carrying Amount

Patent             349000

Equipment    80000

Fittings          50000

Inventory      22000

Goodwill       18000

Total CA        519000                                                                                                                                                

Gali Ltd calculated the value in use of the division to be:                465000                                                                 

If the fair value less costs of disposal of the                        

Patent is:             335885                                                                 

Required                                                                                                                                            

Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.

The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sure you do proper referencing, at least use 6 references.

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